If you have an emergency or need financial assistance, your best bet would be a title loan. Because you’re using your car equity loans Calgary Alberta, it is considered a secured loan. This means you will be using something valuable, like your car, as a guarantee that the loan will be repaid. There are numerous benefits to getting this loan.
Advantages of Getting an Auto Title Loan
- You don’t need an excellent credit score in order to qualify. Because there’s collateral, lenders don’t really consider the applicant’s credit standing as a major factor.
- Secured loans often have low-interest rates. Title loans are more affordable than personal loans or getting a cash advance from your credit card.
- You can get higher loans. Lending companies are more amenable to offering substantial loans because their investment is already covered. However, how much you borrow depends on your car’s equity and condition. Don’t expect a large loan for older vehicles.
- You can extend the loan duration. A secured loan is a good option for those who prefer to make smaller payments and have more time to repay the loan. A lot of people who get minimum credit score loans are those with access to cash but have a very limited budget.
- Approval can be secured within the day. Lending companies use the collateral as the deciding factor for approving the loan. This means they don’t need to conduct extensive credit checks or require mounds of documentation.
The Best in the Industry
Canadian Equity Loans is your best bet when you need fast cash. You can borrow as much as $50,000 without having to worry about credit checks or job requirements. The company also has the lowest interest rates around and offer early payouts without penalties. You can sign up at their website or call their toll-free number at 1-844-586-6311.
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